Page 22 - Federal Reserve

Average US mortgage rates show biggest single week jump in 35 years

Average long-term US mortgage rates had their biggest one-week jump in 35 years with the Federal Reserve this week raising its key rate by three-quarters of a point in bid to tame high inflation. Mortgage buyer Freddie Mac reported on Thursday that the 30-year rate climbed from 5.23 per cent last week to 5.78 per cent this week, the highest its been since November of 2008 during the housing crisis. Wednesday's rate hike by the Fed was its biggest in a single action since 1994. The brisk jump in rates, along with a sharp increase in home prices, has been pushing potential homebuyers out of the market. Mortgage applications are down more than 15 per cent from last year and refinancings are down more than 70 per cent, according to the Mortgage Bankers Association. Those figures are likely to worsen with more Fed rate increases a near certainty. The Fed's unusually large rate hike came after data released last week showed US inflation rose last month to a four-decade high of 8.6 per

World's central banks got it wrong on inflation and economies pay the price

ECB President Christine Lagarde has lately also turned more hawkish than she previously indicated, and the Reserve Bank of Australia is among those raising rates faster than policy makers had signaled

Wall Street slips heading into Fed's big rate decision; FedEx, Oracle rise

FedEx jumps after lifting quarterly dividend by more than 50%; Oracle rises as sales, profit top estimates on cloud boom; Continental Resources jumps on buyout proposal from founder

OPEC delegates see global oil demand growth slowing in 2023: Report

High crude prices have eaten into growth projections for 2022 and fed into expectations for slower growth in 2023.

Japanese yen jumps after govt, central bank sound intervention warning

Japan's yen has been battered by traders wagering that BOJ will stick with its ultra-accommodative policy stance just as the Fed and other central banks accelerate their tightening to tame inflation

A coming crypto storm for central banks? Focus on digital money intensifies

Fed is debating whether to develop a digital currency, as are most central banks around the world. A decision has not been made, and officials say it would take congressional approval to move forward

Growth stocks lead Wall St higher in choppy trade; eyes on jobs report

Microsoft down after trimming forecast due to FX impact; consumer discretionary and materials were the top gainers, up 1.9% and 2.1%, respectively

Gold set for monthly loss as US Treasury yields, dollar strengthen

The U.S. dollar strengthened following hawkish comments by a senior Federal Reserve official causing gold to retreat, Ricardo Evangelista, senior analyst at ActivTrades said in a note.

'Most' Fed officials saw 50 bps rate hikes in June and July, show minutes

The 50-basis-point rate increase this month was the first of that size in more than 20 years, and has set the Fed on course for a quick tightening of monetary policy

Gold gains 0.3% as dip in dollar to a one-month low boosts appeal

The dollar, a rival safe-haven asset to gold, has been falling broadly alongside a decline in Treasury yields from multi-year peaks, with aggressive easing by the Federal Reserve already priced in.

Ben Bernanke assesses the Fed

Bernanke also offers some self-criticisms, including an acknowledgement that he failed to recognise how slowly the economy was emerging from recession after the emergency

Regulators don't need constitutional status

Accountability and transparency are effective ways of ensuring that they remain truly independent

Monetary policy must respond nimbly to second inflation round: IMF official

In a Q&A, the lead author of IMF's Asia and Pacific Outlook, dwells on the impact the Fed's move on the benchmark rate could impact India

Top headlines: Lending rates to rise, half a dozen IPOs in May after LIC

Business Standard brings you the top headlines at this hour

Half a dozen IPOs in May after LIC; Rs 28,960-crore projected mop-up

With Rs 28,960-crore projected mop-up, month to be second-best for fund-raising

Gold prices fall as yields gain in run up to Fed rate hike decision

Benchmark US 10-year Treasury yields firmed after backing off the key 3% mark in the previous session

US stocks gain in seesaw session, benchmark Treasury yield hits 3%

All three major US stock indexes gyrated between positive and negative territory throughout the session, and the 10-year Treasury yield touched its highest level in more than three years.

Gold prices slip more than 2% to a near three-month low; oil falls

Oil also declined as China's measures to curb Covid-19 threatened a further hit to fuel demand

Indian shares track weakness in Asian peers amid Fed rate in focus

The NSE Nifty 50 index was down 0.78% at 16,969.10 as of 0357 GMT on Monday, with most of its major sub-indexes in the negative, while the S&P BSE Sensex fell 1.11% to 56,429.45

Markets rally as global sentiment improves; Sensex, Nifty rise 1.2%

Both foreign portfolio investors (FPIs) as well as domestic institutions were net buyers on Thursday